Reporting Obligations

AML/CFT obligations imposed on reporting institutions are stipulated under PART III. Prevention of Money Laundering and Terrorism Financing – Art.14 of the AML/CFT Act 2016. The obligations include the requirement to:

  • Implement AML/CFT risk management that commensurates with the level of money laundering and terrorism financing risks;
  • Conduct customer due diligence;
  • Keep a proper record of the customer and transactions;
  • Implement AML/CFT compliance program
  • Report suspicious transaction report (STR); and
  • Report Large Cash Transaction Report (LCTR) for amount $10,000 and more.
Who are the Reporting Institutions under the AML/CFT?
Sector Reporting Institution
Banking Commercial, Islamic Banks
Insurance Motor, life, goods, property and others
Money Service Business Remittance – Domestic & International
Mobile Money Mobile wallets
Micro Finances Small lenders
DNFBPs Accountants, lawyers, public notaries
Others Others

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